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Trump announces sweeping Japan trade deal with $550B
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Shares of General Motors , Ford Motor , and Jeep-maker Stellantis , some of the biggest automakers in the U.S., rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars,
Chinese and most European indexes rose, and Japan’s TOPIX hit a record high, on trade optimism. Are 15% tariffs the new benchmark for trading with the U.S.? WSJ’s Kim Mackrael discusses. Plus, Tesla’s profit plunges as EV sales continue to drop,
Japan will invest $550 billion into the U.S., and goods from the country will be subject to a 15% tariff, President Trump said. Japan has not commented on the reported deal.
The trade pact with Brussels will be similar to the one agreed with Japan earlier this week, according to The Wall Street Journal.
The dollar edged higher against the euro on Thursday following progress in U.S. trade talks with key partners, but slipped against the yen as Japan's currency got a lift from expectations for higher interest rates.
US Treasuries fell for a second day as investors trimmed exposure to haven assets on optimism that the US will reach more trade deals after clinching a pact with Japan.Most Read from BloombergTrump Awards $1.
Ho-hum agreements with Japan and others are a prelude to talks with China, William Pesek writes in a guest commentary.
President Trump will get to decide where to invest Japanese money and the United States will keep 90 percent of the profits, the White House said.
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